The US House , with Donald Trump in attendance just passed that cost the American Government $1.5 Trillion in lost revenue if enacted over the next decade….
House members never saw the details of what they just voted on….
But that really doesn’t matter since the Senate is working on its own bill…
The bill actually hurts Blue Democratic states by reducing tax breaks for middle class families who file taxes there…
The House has passed a sweeping Republican tax bill cutting taxes for corporations and many people. It puts GOP leaders closer to delivering to President Donald Trump a crucial legislative achievement after nearly a year of failures.
The House voted 227-205 along party lines to approve the bill, which would bring the biggest revamp of the U.S. tax system in three decades.
Most of the House bill’s reductions would go to business. Both the Senate and House would slash the 35 percent corporate tax rate to 20 percent and reduce levies on millions of partnerships and certain corporations, including many small businesses.
Personal income tax rates for many would be reduced through some deductions, and credits would be reduced or eliminated. But projected federal deficits would grow by $1.5 trillion over the coming decade….